Electrameccanica Vehs Corp Stock Price, News & Analysis

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) announces significant leadership changes as Mark Orsmond steps in as the Chief Financial Officer, Bal Bhullar becomes the Chief Compliance Officer, and Tony Dent is appointed as General Counsel. Orsmond brings extensive finance experience from Taiga Motors, while Bhullar and Dent are recognized for their valuable contributions and legal expertise, respectively. These appointments align with the company’s strategy for growth and transition to onshore manufacturing, enhancing its operational capabilities as it seeks to increase production efficiency.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) reported Q2 2022 revenues of $1.547 million, reflecting a significant year-over-year increase of over 5x and a sequential growth of 48.9%. The company also posted earnings per share (EPS) of $.17. In the same period, it manufactured a record 193 SOLO vehicles, delivering 68 despite a challenging operational landscape. Furthermore, the company maintains a robust working capital exceeding $195 million.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) recently held its annual general meeting on July 27, 2022, where key developments were announced. The Board of Directors re-elected several members and welcomed Dietmar Ostermann as a new director. The executive team was appointed, including Kevin Pavlov as CEO, and KPMG was re-appointed as the company’s auditor. The company highlighted its commitment to scaling production of its innovative electric vehicles, particularly the SOLO, designed for urban driving with a range of up to 100 miles and a price point starting at $18,500.

ElectraMeccanica (NASDAQ: SOLO) reported a remarkable Q1 2022, generating $1.05 million in revenue, a staggering 400% year-over-year increase. Despite facing logistical challenges, the company manufactured 170 SOLO vehicles and delivered 45. It maintains a robust $215 million in working capital. The Mesa, AZ assembly plant is on track to commence operations by the end of 2022. CEO Kevin Pavlov has strengthened the leadership team with new executives and board appointments, positioning the company for future growth.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) has announced the launch of its SOLO Cargo EV designed for urban food delivery, priced at $24,500 MSRP. The vehicle offers a more efficient and cost-effective alternative for restaurants compared to traditional delivery vehicles. It will be showcased at the National Restaurant Association Show in Chicago from May 21-24, 2022. The SOLO Cargo features advantages such as safety, temperature protection, and branding options for businesses. Initial deliveries are planned for June 2022.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) appointed William Quigley III to its Board of Directors. Quigley brings over 30 years of automotive industry experience, having held executive positions at companies such as Dana Holding and Nexteer Automotive. His expertise will benefit ElectraMeccanica as it approaches the completion of its Mesa Facility and scales production of its flagship SOLO electric vehicle, which features a top speed of 80 mph and a range of up to 100 miles. The SOLO is priced at $18,500 for the consumer model, aiming to enhance urban mobility.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) announced a drive event on April 13-14, 2022, in New York, showcasing their flagship SOLO electric vehicle. Attendees can test drive the innovative, single-seat EV and meet senior management. CEO Kevin Pavlov highlighted the excitement of introducing the SOLO to the New York metro area. The SOLO features a range of 100 miles and a top speed of 80 mph, priced at $18,500 for consumers and $24,500 for the cargo model. The event aims to engage stakeholders and promote the environmentally efficient SOLO vehicle.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) has appointed Mr. Joseph Mitchell as Chief Operating Officer, effective April 1, 2022. With extensive experience in the automotive sector, Mitchell previously served as CEO of Phoenix Motorcars and has held senior roles at UQM Technologies. His leadership is expected to enhance ElectraMeccanica's growth and profitability as the company rolls out its flagship SOLO electric vehicle. The SOLO, designed for urban driving, features a range of 100 miles and is priced at $18,500, targeting eco-conscious consumers.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) reported significant growth in Q4 and FY 2021 financial results. Revenues surged 270% to $2.1 million driven by initial SOLO EV sales. The company delivered 93 SOLO EVs since deliveries began, with 32 delivered in 2022 alone. Operating loss increased to $60.8 million due to rising operational expenses, while net loss decreased to $41.3 million. The company enters 2022 with $222 million in cash to support production scaling and operations in its new U.S. facility scheduled for summer 2022.